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POWER, PROPERTY RIGHTS,
and ECONOMIC DEVELOPMENT
THE CASE OF BANGLADESH

MOHAMMAD DULAL MIAH

YASUSHI SUZUKI
Power, Property Rights, and Economic
Development
Mohammad Dulal Miah • Yasushi Suzuki

Power, Property
Rights, and Economic
Development
The Case of Bangladesh
Mohammad Dulal Miah Yasushi Suzuki
University of Nizwa Ritsumeikan Asia Pacific University
Birkat Al Mawz, Oman Beppu, Japan

ISBN 978-981-13-2762-9    ISBN 978-981-13-2763-6 (eBook)

https://doi.org/10.1007/978-981-13-2763-6

Library of Congress Control Number: 2018959008

© The Editor(s) (if applicable) and The Author(s) 2018

This work is subject to copyright. All rights are solely and exclusively licensed by the
Publisher, whether the whole or part of the material is concerned, specifically the rights of
translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on
microfilms or in any other physical way, and transmission or information storage and retrieval,
electronic adaptation, computer software, or by similar or dissimilar methodology now
known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this
publication does not imply, even in the absence of a specific statement, that such names are
exempt from the relevant protective laws and regulations and therefore free for general use.
The publisher, the authors and the editors are safe to assume that the advice and information
in this book are believed to be true and accurate at the date of publication. Neither the pub-
lisher nor the authors or the editors give a warranty, express or implied, with respect to the
material contained herein or for any errors or omissions that may have been made. The
publisher remains neutral with regard to jurisdictional claims in published maps and institu-
tional affiliations.

Cover illustration: © Dhaka at Night / Getty Images

Cover Design by Oscar Spigolon

This Palgrave Macmillan imprint is published by the registered company Springer Nature
Singapore Pte Ltd.
The registered company address is: 152 Beach Road, #21-­01/04 Gateway East, Singapore
189721, Singapore
Tihami Mohammad, Azwad Abdullah, Azlan Abdullah
 Foreword

Professor Yasushi Suzuki, a post-Keynesian economist by academic train-

ing, has been an active contributor to the field of institutional political
economics on financial development in the last couple of decades. His
pragmatic thinking and ideological belief, which have been reflected in his
intellectual contributions, have surely benefitted the discipline in numer-
ous ways. As an avid reader and enthusiastic follower, Professor Suzuki
does not take things for granted; but rather, his unique way of dealing
with accepted theories is simply to judge them against the prism of prag-
matism and rationality. This distinct characteristic as an academician has
earned him a lot of admirers and a host of inquisitive followers. Dr.
Mohammad Dulal is but one among them who always professes to be a
student of development economics. His ardent desire and unquenchable
curiosity to comprehend economic problems in an unconventional way
have helped him refine his understanding about economics and develop-
ment. This book is the result of the effort of this duo. The book presents
a very pragmatic but often neglected issue of economics—the system of
property rights.
New institutional economics (NIE) in general, and property rights in
particular, have been the subject of extensive academic discussion in the
field of economics for much of the twentieth century, perhaps owing to
the failure of neoclassical economics to provide a satisfactory explanation
to many economic problems developing countries are facing today. In
addition, the field has received extended attention on the idea that ‘insti-
tutions matter’, evidenced by the awarding of Nobel Prize in Economics
to Ronald Coase, Douglass North, and, very recently, Oliver Williamson

vii
viii FOREWORD

and Elinor Ostrom. Their works have undoubtedly helped establish new
institutional economics as a distinct discipline in the field of economics.
Although the mainstream economists have reservations accepting NIE as
an alternative to new classical or orthodox economics, the complementary
role of NIE can no longer be neglected.
Institutions are the rules of the game that encourage and constrain
certain behaviors of individuals or organizations in a society. The key insti-
tutions a state enforces include the system of property rights, which defines
the rights an individual or group holds to make decisions about the use to
which specific assets may be put. Enforcement of rights requires either
voluntary cooperation from the non-owners of a property or a central
enforcement authority. In general, citizens band together to form govern-
ments with enough coercive power to implement the rule of law. The
coercive power that a government is bestowed with may turn into a
double-­edged sword for the society because power, when it is lodged in
human hands, is prone to be abused. This entails that a realistic analysis of
property rights must include government as an important element. It is
strange that the mainstream analysis of property rights has more often
than not neglected this issue. This book goes beyond this tradition. It
focuses on political institutions and their role in shaping the structure of
property rights, emphasizing on Bangladesh as a case.
An interesting contribution of the book lies in its vibrant way of captur-
ing economic facts through the lens of standard property rights frame-
work. It draws on the tradition of law and economics to decipher social
effects of such economic policies as non-market allocation and price con-
trol which prevail in most developing countries still today when free mar-
ket principles are penetrating every sphere of the economy. These policies
create a sort of distributive process which contributes to the perception
that property rights are unstable and contested. Agents compete and
spend resources to influence government’s assignment of property rights,
which in economic parlance is perceived as rent seeking. Although all rents
are not economically detrimental, some are obviously welfare-­reducing.
The book spells out the conditions under which rents are welfare-­
enhancing and conditions under which they are welfare-reducing. These
are the basic stories the book wants to tell in a less esoteric manner and
with sufficient evidence.
The saddest episode of property rights is that they are currently being
threatened by a variety of state, national, and international forces, espe-
cially by those who are the custodians. It is thus essential to understand
 FOREWORD ix

the economic setbacks stemming from improper structure of property

rights and the sustainable policy alternatives required to ameliorate them.
One catapulting endeavor is to call attention from policymakers, regula-
tors, and international scholars by raising these issues as part of a diverse
and widespread public dialogue. In pursuing this expectation, the book
has embarked upon a path that focuses on the benefits to be harvested
from protecting property rights and the ways in which this objective can
be attained. It can be articulated that the book is a step forward to achieve
this particular intent, and interested readers would find it worth reading.

Ritsumeikan Asia Pacific University Haruaki Deguchi

Beppu, Japan
 Preface

Property right is a fundamental prerequisite for economic development.

An efficient structure of property rights provides actors with sufficient
incentives to undertake productive efforts, whereas an inappropriately
designed structure of property rights undermines economic prosperity.
Despite its powerful economic implication, the institution of property
rights has not been given adequate academic focus and regulatory atten-
tion, particularly in the context of developing countries. No surprise
because the contemporary development theories are overly dominated by
new classical ideas that take property rights for granted or not relevant to
economic development. However, a historical account of developed econ-
omies shows an enormous effect of property rights on their growth
trajectories.
This shortcoming of the contemporary literature has been offset, to
some extent, by the evolution of institutional economics. Although the
contribution of institutional economics is noteworthy, the school heavily
relies on ‘transaction cost’ as frictions in running our economy.
Overemphasizing transaction cost diverts the focus of the model from
other important elements which are also critical to property rights analysis.
Political factor is the dominant one among them as far as the analysis of
property rights, particularly in developing countries, is concerned. Thus,
the distribution and settings of political power should be adequately
stressed, which is lacking in the contemporary analysis of property rights.
This lacuna in the contemporary scholarship provides us with the ratio-
nality to study the concerned issue. In line with this expectation, the book
highlights the importance of property rights for economic growth in

xi
xii PREFACE

developing countries, the reason as to why developing countries often fail

to design property rights conducive to economic development, and the
strategies required for designing an efficient structure of rights.
The arguments of this book are sufficiently backed by evidence care-
fully drawn from legal lawsuits and economic analysis. Legal cases are fre-
quently used in the property rights analysis as reference. Although the
case-study method does not allow simple generalization, it does provide
the benefit of richer and deeper datasets as well as allow analytical as
opposed to statistical generalization. Thus, the analysis of this book is
expected to contribute by presenting new information and insights critical
to address the economic problems of developing countries. We further
believe that the book provides a platform for further academic discussion
and debate to reach a pragmatic solution for a very critical issue of eco-
nomic development.

Beppu, Japan Yasushi Suzuki

July 2018
 Acknowledgments

Dulal thanks Professor Yasushi Suzuki for his continuous supervision and
guidance in converting the thesis into an academic book. Special thanks
go to A. Mani, Jeremy Eades, Dhiman Chowdhury, and Christopher
C. Nshimbi for their suggestions and comments. Also, many thanks are
due to Arockiasamy Soosaimanickam, Norizan Binti Kassim, Gholamreza
Chabokrow, Syed Mahbubur Rahman, Shamsudheen Arumathadathil,
and Mir Ferdousi. Yasushi acknowledges with great pleasure that the valu-
able insight on the analysis of property rights made by his supervisor,
Professor Mushtaq Khan, has been succeeded by Dulal and reflected in the
theoretical framework developed in this book.

xiii
 Contents

1 Introduction  1

2 Theories of Property Rights: Transaction Cost and Beyond 13

3 The Development Discourse in the Context of Bangladesh:

An Analytical View 41

4 Political Origin of State Weakness 67

5 Patron-Client Politics and the Rise of the Business Class 87

6 Non-market Allocation and Rent Seeking109

7 Property Rights and Price Control131

8 Toward an Appropriate Structure of Right161

9 Conclusion187

Index191

xv
 Abbreviations

ADB Asian Development Bank

ADLI Agricultural Demand Lead Industrialization
AL Awami League (Bangladesh)
BB Bangladesh Bank
BCS Bangladesh Civil Service
BDT Bangladeshi Taka
BGMEA Bangladesh Garment Manufacturers and Exporters Association
BNP Bangladesh Nationalist Party
BOI Board of Investment
BOK Bank of Korea
BRICS Brazil, Russia, India, China, and South Africa
BRTA Bangladesh Road Transport Authority
BTMA Bangladesh Textile Mills Association
BTRC Bangladesh Telecommunication Regulatory Commission
BTV Bangladesh Television
CAAB Civil Aviation Authority of Bangladesh
CAR Civil Aviation Rules
CBA Collective Bargaining Agent
CMH Combined Military Hospital
CMI Census of Manufacturing Industries
CMLA Chief Military Law Administration
CNG Compressed Natural Gas
CPD Center for Policy Dialogue
DCC Dhaka City Corporation
DIT Dhaka Improvement Trust
DRP Democratic Republican Party

xvii
xviii ABBREVIATIONS

DSE Dhaka Stock Exchange

EPB Economic Planning Board
EPZ Export Processing Zone
ETV Ekushey Television
FBCCI Federation for Bangladesh Chambers of Commerce and Industry
GDP Gross Domestic Product
GNI Gross National Income
GNP Gross National Product
HC High Court (The)
IMF International Monetary Fund
IOJ Islami Oikya Jote (Islamic Unity Alliance)
JI Jamaat-e-Islami
JP Jatiya Party (National Party)
JSD Jatio Samajtantrik Dal (National Socialist Party)
KCIA Korean Central Intelligence Agency
KPI Key Point Installation
LDC Least Developed Country
LDP Liberal Democratic Party
MITI Ministry of International Trade and Industry
MOC Ministry of Communication
MOF Ministry of Finance
MP Member of Parliament
MSB Marginal Social Benefit
MSC Marginal Social Cost
N-11 Next-11 Emerging Economies
NAP National Awami Party
NCG Neutral Caretaker Government
NGV Natural Gas–run Vehicle
NIE New Institutional Economics
NIEs Newly Industrialized Economies
NPL Non-Performing Loan
PMO Prime Minister’s Office
PPP Purchasing Power Parity
PSC Parliamentary Standing Committee
PWC PricewaterhouseCoppers
PWD Public Works Department
RPGCL Rupantarita Prakritik Gas Company Limited (Converted Natural Gas
Company Limited)
SAM Social Accounting Matrix
SCB State-Owned Commercial Bank
SL Student League
 ABBREVIATIONS xix

SOE State-Owned Enterprise

TIB Transparency International Bangladesh
UN United Nations
VHF Very High Frequency
WB World Bank
 List of Figures

Fig. 3.1 Composition of GDP. (Source: World Development Indicator

(online version)) 44
Fig. 3.2 Public investment in some selected Asian countries (in % of
GDP). (Source: Constructed from Everhart and Sumlinski
2001)53
Fig. 7.1 Price control and public domain 136
Fig. 7.2 Welfare loss from monopoly supply of CNG vehicle 142
Fig. 7.3 Price control in the natural gas market 143
Fig. 7.4 Price control in the taxi-cab fare market 145
Fig. 7.5 The effect of floor pricing on land transfer fee 150

xxi
 List of Tables

Table 3.1 Macroeconomic indicators of Bangladesh 44

Table 3.2 Marx’s analysis of the mode of production 59
Table 5.1 Leading Bangladeshi business houses in 1969–70 91
Table 5.2 Top 14 industrial houses of Bangladesh in 1988 95
Table 5.3 Ownership of 12 privatized SOEs 98
Table 5.4 Background of MPs 100
Table 5.5 Top 20 loan defaulters as of June 30, 2006 (BDT in million) 102
Table 7.1 Number of transfer deeds completed and amount of revenue
collection151
Table 7.2 Revenue collection from land transfer before implementation
of floor price 152
Table 7.3 Rate of plain land (Nal) in Cox’s Bazar Municipality 154
Table 8.1 Nature and causes of prevailing property rights 163
Table 8.2 Consequence of inefficient property rights on rent 165
Table 8.3 Different combinations of state-business relations 167

xxiii
 CHAPTER 1

Introduction

The right to life is the source of all rights—and the right to property is
their only implementation. Without property rights, no other rights are
possible. Since man has to sustain his life by his own effort, the man who
has no right to the product of his effort has no means to sustain his life.
(Ayan Rand 1964, p. 90)

1.1   Development Issues for Developing Countries

The debate as to ‘why some countries are rich and others poor’ is not new
but as old as the history of human civilization. Even though the debate has
generated an extensive curiosity among scholars and policymakers since
the time of Adam Smith, owing to the invention of new ways and methods
of explaining economic problems and possibilities, the mystery is yet to be
resolved. This is manifested by the fact that some countries have pro-
gressed economically well while others have either retrogressed or not
advanced in commensuration with their potentials. Maddison (2001)
reports historical growth account, which shows that in 1500, the per cap-
ita GDP of Asia, Africa, and Western offshoots amounted to 572, 414,
and 400, respectively.1 While Africa and Asia have failed miserably to
maintain the pace of their economic growth in the subsequent period,
Western offshoots have grown rapidly. The per capita GDP of Western
offshoots amounted to 9,268 in 1950, whereas the per capita GDP of Asia
and Africa grew by a meager amount—to 634 and 894, respectively.

© The Author(s) 2018 1

M. D. Miah, Y. Suzuki, Power, Property Rights, and Economic
Development, https://doi.org/10.1007/978-981-13-2763-6_1
2 M. D. MIAH AND Y. SUZUKI

According to the recent GDP estimations, Asia is ahead of Africa by a

good margin, but lagging far behind the Western offshoots.
Not all countries in a specific geographic area are uniformly developed.
Sharp differences in economic growth between two neighboring countries
are apparent. For instance, some newly industrialized economies (NIEs) in
Asia, such as Hong Kong, Singapore, Taiwan, and South Korea, have been
able to accelerate the pace of their respective economic growth. The per
capita income of those NIEs increased rapidly over the past few decades.
Despite South and North Korea being neighbors, the per capita income of
the former is 18 times that of the latter. Not so long ago, as late as the
1930s, the Finns and Estonians enjoyed a similar standard of living
(O’Driscoll and Hoskins 2003). Despite the two countries being neigh-
bors, the average Finn earned two and a half times the average salary of an
Estonian (in 2016). Moreover, the nominal per capita GDP of the United
States is more than seven times the per capita GDP of Mexico. Before
unification, substantial differences in economic performance as well as
standards of living prevailed between East and West Germany. Hong Kong
and Singapore border their much larger and mighty neighbor, China. The
real per capita GDP of Hong Kong, which was a colony of the United
Kingdom, now exceeds the per capita real GDP of its mother country.
Albeit its economic miracle, China’s real per capita income is about one-­
third of Taiwan’s. This disparity in economic performance has led devel-
opment economists such as Richard Easterlin (1981) to ask, “Why isn’t
the whole world developed?”
Several schools of thoughts have emerged to answer the question.
Undoubtedly, the development of the neoclassical growth theory in the
mid-twentieth century is considered a major breakthrough in the field of
economics. Neoclassical economists believe that the laissez-faire competi-
tion in the market would facilitate the ‘division of work’ and ‘specializa-
tion’, leading to the optimal allocation of resources. The school identifies
‘technology’ as the only force that leads to sustained and continuous
increase in living standards. Despite its attempt to systematically analyze
the causes and consequences of growth across countries, the theory is far
from the reality.
Sen (1970: 9) argues, “[W]ith this immensely practical motivation it
would have been natural for growth theory to take a fairly practical-­
oriented shape. This, however, has not happened and much of modern
growth theory is concerned with rather esoteric issues. Its link with public
policy is often very remote.”
 INTRODUCTION 3

This can be attributed to many assumptions that underlie the neoclas-

sical growth model. The critical one among them is whether or not the
cost of running an economic system is zero or insignificant. In addition,
the model assumes that property rights are perfect or not relevant to eco-
nomic growth. In reality, as long as resources are scarce, the question of
‘who owns what’ or of ‘how property rights are assigned and enforced’
affects people’s choice of savings, investment, innovation, and thereby,
economic consequence of a country. Property rights bestow on owners
certain attributes in relation to an asset. Essential attributes comprise the
right to consume or benefit from the use of the asset, exclude others from
uncompensated use of property, right to sale, dispose, or transfer of the
asset, and also the right to derive income from the asset. The value of any
property, therefore, depends on the degree to which owners of an asset
can enjoy these attributes. Apparently, the neoclassical growth theory has
failed to recognize the importance of the structure of ‘property rights’
(De-Alessi 1983; Furubotn and Richter 2000; Nelson and Sampat 2001).
Weimer (1997: 4) clarifies, “[N]eoclassically based welfare economics
assumes a clear and precise allocation of private property rights to all com-
modities and productive assets as a precondition for the Pareto efficiency
of competitive equilibriums within a market economy.”
It was North and Thomas (1973: 91) who sketched a historical account
of The Rise of the Western World and attributed the rise to an efficient eco-
nomic organization that requires an individual’s “exclusive rights to use as
he sees fit his land, labor capital and other possessions… the right to trans-
fer his resources to another, and that property rights are so defined that no
one else is either benefited or harmed by his use of his property”. They
insist that economies that have been able to uphold the basic principles of
market for exchange of goods and services with appropriately defined
property rights are developed today. Similarly, de-Soto (2000) investigates
why capitalism triumphs in the West and fails everywhere else. He argues
that legal structures of property rights give the West the tools to save and
invest the surplus in a productive way. However, we should ask: how can
their claim be generalized?
There is plenty of historical evidence which shows that the suppression
of property rights is associated with lower market transaction and property
value. For instance, several of the postcommunist countries placed restric-
tions on the sale of assets to foreign investors, which reduced not only the
exchangeability of assets but also their intrinsic value (Weimer 1997).
Likewise, restricting the use right of an asset attenuates the right, which is
Another random document with
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 Drake rose to his feet, and his face was still very white, but when
he saw the change in Gaunt, he gave a glad cry and ran towards
him.
“Thank God,” he cried fervently and held forth his hand.
Gaunt did not speak at once but looked curiously at the man who
was exerting such an influence on his life.
“I am sorry, Drake. Please forget this pitiable scene, and I promise
you that it sha’n’t occur again. I was a little upset, and——”
“Say no more. You have fought a bitter fight and won.”
“I think it was the sight of you praying that gave me strength to
conquer.” Then he glanced hastily at his watch. “You were quite
right. It is time to dress,” he said quickly, and Drake knew that the
subject must never again be mentioned between them.
They met again at dinner, and Gaunt was relieved that his wife
was absent. Lady Ethel and Captain Drake did most of the talking,
and the former declared her intention of accompanying the others to
the meeting.
“My sister is tired, and I shall be all alone. May I not come?” she
asked Gaunt who looked doubtfully at her.
But she persisted and when consent was finally given, she ran
away to get ready.
That night Gaunt surpassed himself, and his words caused a deep
impression on the vast crowd that was present. The emotion of the
afternoon had not entirely left him, and perhaps it was that which
gave him additional eloquence, so that there were many moist eyes
when he resumed his seat.
Lady Ethel was amazed at the earnestness of her brother-in-law,
and she gave a quick look at Edward Drake.
“Mr. Gaunt has spoken as one inspired,” she said in a low voice.
“Are you responsible for his joining in this crusade?”
“No; but I share his desire to help the Congo people. If I had his
gift of eloquence, I should be only too glad to speak as he is doing.
Don’t you admire him for it?” he asked quietly.
“I am thinking of my sister, while you think only of the Congo,” she
answered gravely, and then lapsed into silence.
But when they were home again she returned to the subject.
“Sit down,” she said to Drake, “and answer me one question. Why
is Mr. Gaunt doing this? I am sure it is not solely from a philanthropic
motive, and I believe that you are at the bottom of it. I cannot deny
that it is a good work, and I am filled with pity for the poor natives
who are so cruelly treated. But from my knowledge of Mr. Gaunt’s
character, he is not the man to concern himself with such a thing. In
fact, I used to imagine him to be rather a bad lot in a respectable sort
of way. Before he became engaged to my sister, I received many
letters from friends, and they were not all filled with complimentary
references to the man who was thought likely to become my brother-
in-law. It seems to me that he is dreadfully worried about something
and that something has to do with the Congo. You must not think that
I cannot be serious and I tell you that I am very anxious to help my
sister and her husband. Take me into your confidence, Mr. Drake—
two heads are better than one,” she said appealingly.
“I would willingly do so, Lady Ethel, but I have no right to speak
without Mr. Gaunt’s consent. In a way I am his servant,” he
answered regretfully.
Drake gave a sigh of relief when Gaunt entered accompanied by
Captain Drake.
“I want a chat with you,” the former said to him, and he rose so
promptly that Lady Ethel smiled.
“You welcome the interruption,” she said coldly, and then turned
graciously to Captain Drake, who had occupied the chair vacated by
his brother.
“Wasn’t it a ripping meeting? I think Mr. Gaunt spoke splendidly,”
the latter said eagerly.
“Yes. He certainly aroused great enthusiasm. But do you think it
will do much material good? Things will go on as before, and the
natives will suffer just the same,” she answered quietly.
“I am not so sure about that, for it is evident that England is waking
up. The papers are pitching it a bit more strongly, and who knows
that we may not be able to force the government to move.”
“You seem almost as enthusiastic as your brother and Mr. Gaunt,”
she remarked, and gave him a quick look from beneath her lashes,
which brought the color to his cheeks.
“I have been doing a great deal of hard thinking since I came back
from West Africa. I never was a serious kind of chap like Edward, but
I’ve always admired him. He has a wonderful way with him, and has
compelled me to see things through his own eyes. Of course I have
always known that the state of affairs in the Congo was a crying
scandal, but it never worried me much till I heard Mr. Gaunt speak.
Now I am with them heart and soul,” he cried earnestly.
“Can you tell me what made my brother-in-law take up the Congo
question?” she asked casually.
“There can be only one reason. He is acting from conviction,” he
answered wonderingly.
“If you really think that, then you don’t know John Gaunt. So they
haven’t taken you into their confidence?” she said reflectively.
“What other reason could there possibly be?”
“That is just what I want to find out. Ask your brother, and let me
know what he says.”
“I will certainly do so, but I am sure that I am right. Mr. Gaunt is a
‘white’ man and could have no ulterior purpose in what he is doing.
Besides, my brother would not be his friend if everything were not
straightforward,” he continued stoutly.
“There I agree with you,” Lady Ethel broke in quickly. “And I do not
suggest that his motive is an unworthy one. Your brother had
practically admitted that a motive does exist, but he refuses to tell
me what it is. Now I am not anxious to know merely from a sense of
curiosity, but to help my sister, for she is very worried. Will you do
your best to find out what it is and then let me know?”
 Captain Drake looked at her, and there was intense surprise in his
eyes.
“Would it be quite right that I should tell you when Edward does
not wish you to know? I mean, should I be acting straightforwardly if I
did so?” he suggested gently.
Lady Ethel jumped to her feet and it was evident that she was
annoyed.
“Captain Drake, you ought to have been a member of your
brother’s profession. You are only fit for the Church. I did think that I
could rely on you,” she said reproachfully.
“You can rely on me, Lady Ethel; I would gladly lay down my life to
serve you,” he answered simply, and although the words may have
been melodramatic, his manner of speaking made them sound
natural.
“And yet you refuse this one little request—the first that I have
ever made to you,” she answered ironically.
“I am disappointed that you should have asked me to do such a
thing. It was not worthy of you.”
Their eyes met, and though his contained not a hint of reproach,
she resented that he should dare to judge her actions.
“Good-night,” she said curtly and hastened towards the door.
“Lady Ethel,” he began hurriedly, but her only answer was to close
the door rather sharply; and he sank back into his chair with a sigh.
“After all, she is only a child,” he muttered.
And soon a smile came to his face, for he was remembering her
many virtues, and he loved.
 CHAPTER XXI

B Y the following morning John Gaunt had decided upon his plan
of campaign and without any delay started to work by
communicating with the secretary of the Congo Reform Association.
Money was to be spent lavishly, and capable speakers were chosen
to speak in different parts of the country. Gaunt himself was to go to
the great centres and his visits were to be advertised in every
possible way. The secretary eagerly welcomed this new ally, and
threw himself with energy into the task of making the necessary
arrangements.
“I suggest that we bombard the papers with articles, and if there is
any difficulty in getting them inserted, I am prepared to pay the
advertisement rates,” Gaunt said grimly.
Edward Drake was present at the interview, and rejoiced to see
that Gaunt no longer hesitated, but was now even more determined
to fulfil his vow.
“I should like these articles to be sent out at once—to-day if
possible,” Gaunt continued quickly.
“It shall be done,” the secretary answered promptly.
For years he had waged a war against overwhelming odds and
now he began to hope that success was in sight. Always he had
lacked the help of such a man as Gaunt, with his millions, and he
thanked Providence for his good fortune, but still, like the rest of the
world, he could not quite understand why the millionaire had thrown
himself into the fray.
Gaunt had devoted his brains to planning out the best way of
rousing the country, and no detail was too small for his
consideration. It was after a hard but satisfactory day’s work that he
returned home with Drake, and during the drive was wondering how
he would be received by his wife. They did not meet until dinner
time, and Lady Mildred showed him quite plainly but politely that she
had not forgiven him for having refused to go away in the yacht.
 In fact, during the meal, they were all conscious of a feeling of
embarrassment, and it was a relief when the ladies left them to their
cigars. Gaunt only spoke in answer to a question, for he was thinking
over his position, and it seemed to him that the crisis must be very
near at hand. The few hours of grace given to him by the Baron had
elapsed, and it would not be long before his enemies made a move.
The next morning the newspapers were brought to him at an early
hour, and the first thing that caught his eye was the front page of the
Daily Comet, with its staring head-lines:
“Gaunt and the Congo.”
And then he proceeded to read a bitter attack upon himself, and
was forced to admit that the article had been written with the greatest
skill, for it consisted of insinuations against his character which it
would be difficult to rebut. The deal in Amanti shares was referred to
in veiled terms, although to those on the inside the meaning was
quite clear. The writer proceeded to refer to Gaunt’s life in the
Congo, and the words which followed were pungent.
“This millionaire has allied himself with the Church, perhaps in the
hope that the friendship of bishops would cause to be forgotten the
means by which he gained his ill-gotten wealth. As we write there is
before us a written record of this man’s life in the Congo, and it
seems incredible that he can have the effrontery to pretend that his
aim is the betterment of the race that he himself has persecuted so
atrociously.
“Why has John Gaunt started this campaign? We confess that we
are unable to answer the question, and until we can do so, it is
impossible to believe in his good faith. Philanthropy is the last charge
which we should think of bringing against him, and we fear that he
can only be animated by some motive that will ultimately benefit
himself. It has been suggested that he is anxious to bring about
European intervention, in the hope that he will be rewarded by the
grant of valuable concessions.”
Gaunt could read no more but threw down the paper in disgust,
and he had no doubt that the Baron was responsible for this virulent
attack. Another paper attracted his attention; the whole of the front
page, which was usually occupied by advertisements, contained a
statement upon the Congo question. It was written without any
exaggeration, and plainly placed before the public the true state of
affairs, laying special stress upon the manner in which the Belgians
were deceiving Europe.
There were very few papers that did not contain a similar article,
inserted as advertisements and paid for with Gaunt’s money.
“Now I think that the fight has really commenced, and it won’t be
long before the Baron makes an answering move,” he muttered to
himself.
Shortly afterwards Edward Drake came in; under his arm was a
bundle of newspapers, and he smiled when he saw those that Gaunt
had thrown on the floor.
“Isn’t it splendid? I think we have made a good start,” he said
cheerfully.
“Do you refer to the article in the Comet?” Gaunt asked drily.
“No one will pay any attention to that ‘rag,’” Drake answered
quickly, and then hesitated for a moment. “I wonder if you would
allow me to tell Lady Ethel everything? She might be able to help
us?” he asked nervously.
A smile came to Gaunt’s face, but he shook his head with
decision.
“I am afraid that curiosity is one of her besetting weaknesses. I
have noticed that she has been very anxious to find out what is
going on, but I think it would be wiser to allow her curiosity to remain
unsatisfied,” he replied.
“I am not sure that it is idle curiosity,” Drake said reflectively. “She
is very fond of her sister, and——”
“We will change the subject,” Gaunt said peremptorily, and Drake
realized that it would be dangerous to persist further.
 However, Gaunt was fated to meet with a more strenuous
advocate, for Lady Ethel herself came into the library.
“Mr. Drake, I wish to speak to Mr. Gaunt,” she announced quietly,
and then smiled a little maliciously as he prepared to depart.
“What do you want? I’m busy and haven’t much time to spare,”
Gaunt said curtly, for he did not approve of the way in which she had
spoken.
“Busy with the wretched Congo, I suppose? At any rate, you can
find time to discuss a matter which affects the happiness of my
sister,” she said slowly. “Unless, of course, the wretched natives are
of more consequence than your wife,” she added quickly, and there
was a look of defiance on her face.
“Don’t you think you would be wiser to concern yourself with your
own affairs? It would seem probable that they will require attention, if
you go on flirting in the same reckless manner,” he said significantly.
She flushed hotly and with difficulty suppressed an angry reply.
“I am not to be bluffed in that way. I have come for a serious talk
and don’t intend to go away until we come to an understanding,” she
said with quiet determination.
“Very well. Say your say and pray get it over as quickly as
possible,” he rejoined with a sigh of resignation.
“I passed the nursery just now. Your wife was there, and she was
alone with the baby. She did not see me, and she was crying bitterly,
and tears are nearly strangers to Mildred’s eyes. Ah! I am glad that
affects you a little. I don’t mean to suggest that she hasn’t faults, but
at heart Mildred is a fine woman. She may have been selfish, but
she is loyal through and through, and I honestly believe that she has
learned to care for you.”
She watched him anxiously, and was encouraged to proceed, for
she noticed that his face had grown white, and there was a look of
utter misery in his eyes.
“I must confess that when I was present at your wedding, I
imagined that she was selling herself to you, for I could see nothing
attractive in your personality; and, girl as I was, I knew something of
the way in which the world talked of you. All the time I was in France
I was wondering how you were getting on together, and when I came
home a few days ago I was amazed, for I believed that Mildred cared
for you. What I have seen since has confirmed me in that belief.”
She paused as if expecting him to make some remark, but Gaunt
remained silent.
“I have no doubt that you love Mildred. At times I have seen an
expression in your eyes when you have been talking to her that
rather frightened me. But I think that I should like to be loved in the
same way,” she added pensively, and Gaunt uttered a harsh laugh.
“You love Mildred, and she loves you. That being so, may I ask
what all this wretched fuss is about?” she demanded angrily.
“I repeat that I think that you had better mind your own business.”
“I have asked Mildred and she will tell me nothing. Mr. Drake and
his brother have practically admitted that there is a secret but they
won’t tell me what it is. I could not press them for an answer, but you
are different.”
Suddenly her whole manner changed, softening wondrously.
“John, dear, I like you, for I believe you to be a good sort. Not
exactly the man that I should have chosen to be Mildred’s husband,
but I believe that you are the only one that could make her happy. I
know you look upon me as a little fool, and perhaps you aren’t far
wrong; but I love Mildred, and hate to see her miserable. Go to her
now, take her in your arms and kiss her. Pack up your traps and
clear off together.”
“I wish to God that I could,” he cried passionately. “Don’t you
realize that I love Mildred body and soul? And that I long for her in a
way that you cannot understand? Do you think that it was an easy
matter to put her deliberately out of my life? Ethel, it is killing me—
this necessity—and yet I dare not do otherwise. You are a good little
soul to come to me in this way, and I won’t forget it. Ethel, dear, I,
too, want your sympathy,” he wound up brokenly.
 She could see that he was suffering acutely, and immediately all
her sympathy was aroused. She placed her hand on his shoulder,
and bending her head, touched his forehead with her lips. Gaunt had
revealed himself in a way that had surprised her greatly, for it was
impossible to believe that he was not in deadly earnest, and her
heart sank. The secret, whatever it might be, was evidently not a
thing that could be swept aside easily; it was not a stupid
misunderstanding, caused by stiff-necked pride, but something
serious.
“John, I am sorry, and won’t worry you any more, but I should like
you to know that I am your friend, and that you can count on me,”
she said with simple earnestness.
There was a knock at the door and a footman entered.
“The Baron de Croiseuil wishes to see you, sir, and he asked me
to say that his business was of the utmost importance. Her ladyship
instructed me that she was ‘not at home’ should the Baron call, but
as you had given me no orders, sir, I thought it better to announce
the Baron.”
“You did quite right, James. I will see him here,” Gaunt answered,
but Lady Ethel intervened quickly.
“Don’t see him, John,” she cried appealingly.
Gaunt looked at her curiously, and then glanced at the footman
who still waited.
 CHAPTER XXII

T HE Baron de Croiseuil had not anticipated that Gaunt would give

in to his threats, but he waited for the time to expire before taking
any further steps. In the afternoon Sherren came round to the hotel
to receive his instructions, and, in consequence, the article duly
appeared in the Daily Comet.
The paper was brought to the Baron’s bedroom the following
morning, and when he read the references to Gaunt a grim smile
came to his face, but his attention was attracted to the front page of
the Daily Herald, and he uttered an exclamation of anger when he
had mastered the advertisements that appeared there.
“So Gaunt has declared war,” he muttered, and threw the paper
impatiently away.
But shortly afterwards he rang the bell, and ordered a copy of
each morning newspaper, only to find that the majority of them
contained similar advertisements. It was his intention to send for
Sherren, but that was unnecessary, for his satellite arrived just as he
was finishing breakfast. For a long time they discussed the situation
gravely, and it was the Baron who suggested the next move.
“What is the name of the man who forged the cable?” he asked of
Sherren.
“Davis. I expect that he will arrive at Plymouth this morning, and I
have arranged that Weiss should wire him to come to London at
once.”
“Bien. I wish to see Weiss this afternoon, and it would be as well if
you try to get hold of Davis yourself.”
“I will find out what time the special arrives at Paddington, and will
meet him. The difficulty to my mind is how we can expose Gaunt’s
share in the Amanti business without giving Weiss away,” Sherren
remarked hoarsely.
 “You may safely leave that in my hands. By the bye, are you in
touch with the directors of the Amanti Mining Company?”
“Yes. The chairman is a personal friend of mine.”
“Excellent. And do you think that you could persuade this friend to
do what you asked?” the Baron asked significantly.
“Yes. But it might prove rather costly, but of course it would
depend upon the nature of the service,” Sherren replied promptly.
“We will talk of it later on, for there is no immediate hurry. In the
meantime you must keep up your attack on Gaunt. Don’t miss a
single opportunity, for at all costs we must damage his reputation. It
would seem that he is now working hand in hand with the secretary
of the Congo Reform Association, and they are evidently planning
out a campaign on a grand scale. I fear that this man Gaunt is
rapidly capturing the sympathy of the public, and it is essential that
we expose him so that anything he says will be discredited. I trust
you to do your best, and your reward shall be commensurate with
your success. Succeed in crushing Gaunt, and your future is
assured,” the Baron said earnestly.
“I will do all I can, Baron, but I must own to a certain amount of
admiration for Gaunt’s pluck. He must know that he is risking a good
deal, and yet he does not seem to hesitate. There is no mistaking
from this new mood that he means business, for those
advertisements must have cost a tidy penny. Besides——”
“I shall expect you here at three o’clock with Weiss,” the Baron
interrupted him sharply, for he was not in the humor to listen to
platitudes.
Sherren accepted his dismissal meekly, for he was not the man to
resent outwardly a direct insult, so long as he was to receive a
financial reward that was sufficiently great, but to himself he cursed
the Baron with vigor.
De Croiseuil lighted a cigarette with great care, and sat down to
think out his next move, and finally decided to call upon Gaunt,
although he knew that it was very probable that he would be refused
admittance. Indeed, the footman did hesitate, but finally asked him to
take a seat in the hall.
“It will be unfortunate if madame comes along,” the Baron thought
as he waited.
It was some few minutes before the footman returned, and he
became sure that his expectations would be realized, but to his great
surprise he was asked to go to the library.
Gaunt was standing in the middle of the room facing the door, and
his expression was cold and forbidding.
“If I had refused to see you, you might have imagined that I was
afraid. I do not think that there is anything to be gained by this
interview, and I shall be glad if you will state your errand in as few
words as possible,” Gaunt said grimly.
The Baron smiled, and his eyes moved around the room in search
of a chair.
“You are not very polite, mon ami. But even if we are to be
enemies you will not deny me the ease of a seat. I am no longer a
young man, and—ah—thank you, Gaunt. I know you will not mind if I
smoke a cigarette. I can talk so much better, and this morning I wish
to be very eloquent.”
“I have never known you, Baron, when you could not talk, and that
time will only arrive when you are in your grave,” Gaunt said drily.
“A truce to compliments. We know one another—our faults and
our virtues, and so we will come to business. Of what extraordinary
extravagances you have been guilty. These advertisements must
have cost you a small fortune, and for what purpose, mon cher? You
throw your money away and the return you will receive is what—ruin.
I have not come here to threaten, but merely to state my intentions. If
you persist in this mad course it will be my painful duty to act at
once. Every dishonorable deed in your life shall be made public and
there is a ghastly array to your discredit. Not only will there be those
things in the Congo of which I have already reminded you, but there
are many little affairs of England—many little deals by which you
have enriched yourself that will not bear the light of day. It will pain
me to make these exposures, but you yourself will be the first to see
that they are necessary. It is my painful duty to discredit you to the
world, and I shall succeed,” the Baron wound up with quiet
confidence.
“You appear to forget one thing, Baron. If I cease to speak, there
are others who can take my place. You may ruin my character, but
that will not smother the cry for reform. You say that we know one
another, but I think you are wilfully blind to my character. I have
vowed to fight you until the natives are free, and receive equitable
treatment, and nothing shall turn me back, now I have once started.
You can do your worst,” Gaunt cried contemptuously.
“And that is your final word?” the Baron said with a sigh.
“Yes. It will be well if you do not call here again for——”
“There is no need to finish the sentence. Let us, at least, retain the
appearance of politeness. You English are so brutal in your enmities.
Although I am about to injure you seriously, I like you personally,
Gaunt, and apart from this sordid business, I shall always be glad to
meet you. So you have decided. I am very sorry, my friend, for I am
afraid that Lady Mildred will——”
“Be silent, and go,” Gaunt cried harshly.
“I hate to war upon a lady, for she will suffer with you, and——”
“Go.”
There was a threat in Gaunt’s voice, and the Baron perceptibly
hastened his step, and his nether lip trembled slightly. The footman
threw open the door, and he hastened to cross the hall, but when he
reached the pavement he stood there for a few moments. Then he
strode slowly towards Piccadilly but had not gone very far before he
heard his name called from behind.
He turned quickly and uncovered his head.
“Madam,” he said, and bowed politely to the beautiful girl who had
joined him.
“I am Lady Ethel Blythe.”
 “Ah! I knew your sister, but in those days I think you must have
been at school,” he said pleasantly, and there was unconcealed
admiration in his eyes.
“Will you not come into the park? I wish to speak to you,” Lady
Ethel remarked, nervously.
She had acted on the impulse of the moment, and was already
beginning to regret the step that she had taken, but the Baron was
only too glad of the chance of gaining information, and so promptly
led the way across the road, keeping up a steady flow of
conversation until they reached a row of chairs.
“Won’t you sit down, Lady Ethel? I do not think it is too cold, for
your furs will keep you warm,” he said suavely, and again she
encountered the look of admiration in his eyes.
“Why have you quarrelled with Mr. Gaunt?” she demanded
suddenly.
It was with the idea of helping her sister that she had intercepted
the Baron, and already she realized that she would receive no
consideration from this man whom instinct told her to distrust.
Suddenly she grew afraid, and continued hurriedly: “I think I have
made a mistake, Baron, and will go. Forgive me for having detained
you.”
“Stay, Lady Ethel. Please let us have a little talk, for I am sure that
you may be the means of stopping Mr. Gaunt from ruining himself;
that is, if you have any influence with your sister. My position is a
particularly unfortunate one, for I was once a friend of your family,
and Gaunt is compelling me to become his enemy.”
“What is all this wretched bother about? What is Mr. Gaunt
attacking the Congo for?” she asked eagerly.
“If you could find out the answer to that last question, I should be
eternally your debtor. Cannot you and I become allies? I give you my
word of honor that I am anxious to be Gaunt’s friend, if only he will
permit me to be. Of course, I can understand that your sister must
feel bitterly the insane course which her husband is taking?” he
suggested, and she did not notice the eager look in his eyes.
 “She naturally resents it, and is very unhappy,” was her impulsive
answer.
“I can readily understand that, and in my opinion she is quite
justified in resenting it. But I do hope that they have not already
seriously quarreled.”
She glanced at him suspiciously for she could detect a note of
insincerity in his voice.
“I have no right to discuss my sister’s affairs,” she said coldly.
However, the Baron had already obtained the information that he
sought, but took good care that Lady Ethel should not see his
satisfaction.
“May I ask you to use your influence both with your sister and with
Gaunt to persuade the latter to abandon this wretched agitation? I
am sure you will do so when I say that he is likely to suffer both in
pocket and reputation, if he does not do so. I won’t detain you any
longer, Lady Ethel, but if at any time you should wish to
communicate with me, I am staying at the Ritz.”
Lady Ethel was eager to get away, but her face grew white, for
approaching her rapidly was Edward Drake. The Baron, too, saw
him, and smiled deprecatingly.
“Lady Ethel, I shall be glad to take you home. You must know that
both your sister and Mr. Gaunt have given orders that this gentleman
is not to be allowed to enter their house again,” Drake said coldly,
and stared at the Belgian, his eyes full of hostility.
“Then I have the honor of wishing you good-day.”
And so saying the Baron raised his hat and strolled away.
Lady Ethel was silent as they walked along, and Drake could not
decide if she were angry with him or herself, but he came to the
conclusion that she needed a lesson.
 CHAPTER XXIII

T HE Baron was quite pleased at his encounter with Lady Ethel,

for it was well to know that Gaunt and his wife were not on good
terms, and it ought not to be a difficult matter to widen the breach.
Upon arriving at the hotel several telegrams were handed to him,
and a frown came to his face as he read the cipher message from
Brussels which urged him to stop Gaunt’s campaign at all costs. But
still he did not allow it to interfere with his enjoyment of a carefully
selected lunch. The Burgundy was warmed to the exact temperature
which suited his palate, and when the coffee was served he felt quite
equal to the coming interview with Mr. Julian Weiss. He was dozing
in an armchair before the fire when his visitor was announced, and
he rose to greet the Jew with that suave pleasant manner for which
he was famed.
“I am indeed pleased to see you. Of course you will smoke, and I
can confidently recommend those Corona-Coronas.”
The Baron himself did not care for cigars, but he was an excellent
judge of them, and knew their value as a gift to one whom he wished
to place on good terms with himself.
“Sherren came to me and said that you wished to see me on most
important business. As you know, I am always prepared to consider
a scheme in which I can see a reasonable profit,” Weiss said, in his
rather pompous manner, and then took a long draw at the cigar.
“It may disappoint you to hear that there is no money to be made
out of our little talk.”
“My time is valuable, Baron, and if I had known——”
“But I think that there are other things that appeal to you as well as
money. You are not the man to forget a bad turn, and I understand
that Gaunt rather bested you in a recent deal.”
“Bested—he swindled me,” Weiss cried hotly.
 The Baron smiled faintly, as he heard the Jew’s betrayal of his
nationality, for in his anger the careful pronunciation had been
forgotten.
“If your business concerns Gaunt, and there is a chance of getting
level with him, then I am with you, money or no money.”
“I imagined that would be your attitude. You say that Gaunt
swindled you, and I’ve the same complaint to make against him.
Only, in my case, he has betrayed those who were his friends, and
who had helped him to his wealth. Now, I want you to tell me the
whole of the circumstances of that deal in Amanti shares,” the Baron
said quickly.
There was a quick glance from Weiss that was full of suspicion.
“Of course, anything that you say I shall hold in the strictest
confidence, and I shall take no step without consulting you,” the
Baron added quickly.
“All right, Baron. I know that you aren’t over particular yourself,
and you won’t be shocked at a little sharp practice,” Weiss said with
a laugh, that grated on the Belgian’s nerves.
“I got hold of a man named Davis, and it was arranged that he
should cable home a report in his manager’s name to the effect that
they had struck gold of a high grade. I didn’t want my name to
appear in the business, so I agreed with Gaunt to work the market. It
came off, and Gaunt made his pile, but when I went to claim my
share he practically told me to go to the devil,” Weiss wound up
angrily, for he still smarted to think of the way he had been “done.”
“And to add insult to injury,” he continued, “the blackguard sent a
check in my name to the King’s Hospital Fund for the amount I ought
to have received.”
“Have you any idea why he did that? It was very strange, for it
could not have been on account of the money that he refused to pay
you,” the Baron remarked thoughtfully.
“I don’t care a damn about his reasons. I want my twenty odd
thousand pounds, and I’ll have it, or Gaunt shall pay me in some
other way,” the Jew cried furiously, and jumping to his feet
commenced to pace rapidly to and fro.
“I can see that you are going for him in the papers, and I’ll give you
as much information as you can want about various shady deals in
which he has been concerned. And I’ll give you the evidence to
prove ’em up to the hilt. I schwear I’ll make the city too hot for Mr.
John Gaunt before I’ve done with him.”
“Didn’t it turn out that there really was a valuable find of gold?”
“So they reported, but I have just heard that the report was
incorrect, although the manager out there evidently believed in it.
When I left the office Amantis were selling at five shillings with no
buyers. I bought myself when they were at two pounds, and so I got
left again,” Weiss said savagely.
“Very unfortunate. I do not wonder that you were angry. By the
bye, have you any evidence that Gaunt had knowledge that the
cable sent by Davis was forged?” the Baron asked casually.
“Yes. Read through this letter.”
De Croiseuil rapidly scanned the few lines but his face gave no
sign of the satisfaction that he felt.
“That seems quite clear. I wonder if you would mind if I kept this
letter?” He placed it carefully in his pocketbook without waiting for an
answer, and then continued more quietly.
“I shall be glad if you will send me details of any other shady
transactions by Gaunt, and I will see that they are made use of at
once. Now I think we have finished, and I expect you will be glad to
get back to the City. Take another cigar.”
“You will not allow my name to appear?” Weiss said uneasily.
“My dear sir, I am a gentleman, and—but you can trust me. Good-
day, and thanks.”
When Weiss had gone the Baron sent out for the evening papers,
and once more settled himself in comfort before the fire, but as he
read a frown came to his face, and he uttered an imprecation.
 The same advertisement again stared him in the face, and it was
natural that the public should take an interest in the spending of such
large sums of money, even if the wrongs of the natives of the Congo
failed to interest the “man in the street.” Moreover, it was becoming
realized that Gaunt was deeply in earnest and had deliberately
started to fight the powerful clique in Brussels. The millionaire’s well-
known character naturally increased the interest, and there could be
no doubt that the agitation would soon extend so that its suppression
would become an increasingly difficult task.
In great staring letters there was an announcement that Gaunt
was to address a men’s meeting at the Royal Albert Hall.
“And the man will fill the building,” the Baron muttered uneasily.
It was no small thing for which he was fighting. It must be
remembered that he and his friends received a large income, which
would cease immediately, should the reform be forced upon them.
Just as soon as the natives were given justice, the rubber would
cease to come, at any rate until the country had had time to recover
itself from years of merciless persecution. There were thousands of
Belgians whose livelihood depended upon the continuation of the
present régime, and in the event of its ceasing, Belgium would
swarm with those men, most of them undesirables whose morals
were utterly ruined by the lives they had led in the Congo.
And they had been going along so smoothly until the intervention
of Gaunt. The death of King Leopold had promised to give them an
indefinite prolongation of their reign, for his successor was a man of
amiable character, who lived a clean life, and they could shelter
themselves beneath his name. The great desire of Europe would be
to give King Albert an opportunity of showing what he could do, for it
was not realized that he possessed but titular power. The late King
had been an absolute monarch, and his conduct had almost driven
the people to seek a Republic; so that it was necessary for King
Albert to tread warily, and become the most constitutional of
sovereigns.
Of the Belgian Parliament the Baron had no fear; there was no
party that desired to see reform in the Congo save a few members